Taking the time to develop employee reward and recognition programs could help businesses in every industry reduce worker turnover.
The uneven economic recovery has provided companies with a number of challenges. One of these obstacles is finding and retaining the right employees. As the job market improves, key staff members are tempted to seek new opportunities elsewhere. This can lead to high levels of turnover that reduces team efficiency and productivity.
Keeping workers in their existing roles requires companies to be proactive in their personnel management. Taking the time to develop employee reward and recognition programs could help businesses in every industry reduce worker turnover. These initiatives give managers the tools they need to support staff members and offer encouragement during difficult times. This reduces employee frustration, which can help improve satisfaction levels.
Recognition programs boost employee satisfaction
One of the key aspects of recognition programs is the feeling of accomplishment that employees receive when their hard work is acknowledged. By showing staff members that their contributions are valued, companies can improve engagement levels and drive productivity. Organizations that are considering implementing reward programs should try to tailor the rewards to the needs of their staff. Offering personalized rewards is more meaningful than even a cash bonus.
World Incentives notes that the allure of cash bonuses quickly fades. A survey by the source found that more than half (57 percent) of employees consider cash rewards to be part of their regular remuneration package. This decreases the motivation provided by the rewards and reduces the overall effect of initiatives. Any boost in productivity generated by cash rewards diminishes after just a few weeks. Non-financial incentives can have a much longer-lasting impact on employee behavior.
Customize programs to increase appeal
A survey by Robert Half found that just 14 percent of employees in the legal field preferred additional compensation as an incentive. Companies that provided more flexible schedules were more likely to retain workers, with 69 percent of respondents listing this as their preferred perk. Additionally, 50 percent said they wanted training and education opportunities to enhance their skills.
Retaining top performers is not always about offering a better salary. Both of the perks selected as a top motivator for legal personnel allowed them to find a better work-life balance. Understanding employees' needs and desires will help companies use reward and recognition programs to create a supportive and engaging culture, which could reduce turnover.